We will continue to accelerate our digital transformation journey, augmented by ongoing active cost optimization, as we strive to build a sustainable and profitable business through all cycles.

we will continue to accelerate our digital transformation journey augmented by ongoing active cost optimization as we strive to build a sustainable and profitable business through all cycles


The combination of increased revenue across multiple sources and the measured control of expenses led to impressive flow-through for the quarter, driving our significant margin improvement.

the combination of increased revenue across multiple sources and the measured control of expenses led to impressive flow-through for the quarter driving our significant margin improvement


and the NRC license is the single best thing we could get to bring overseas to expedite licensing from other agencies. So we're not

and the nrc license is the single best thing we could get to bring overseas to expedite licensing from other agencies so we're not


Great. One more if I can bolt-on. As you look at sort of the footprint of the countries that you're operating in today, do you think you're sort of operating in the right number? Or do you think that you may continue to wind down some more countries going forward?

great one more if i could bolt on as you look at sort of the footprint of the countries that you're operating in today do you think you're sort of operating in the right number or do you think that you may continue to wind down some more countries going forward


For example, we enhanced our Deal Builder self-service platform to give merchants more flexibility to customize discounts as well as use their own images and descriptions to help their businesses and deals stand out in the Groupon marketplace.

for example we enhanced our deal builder self-service platform to give merchants more flexibility to customize discounts as well as use their own images and descriptions to help their businesses and deals stand out in the groupon marketplace


rather early on. And so for the time being, for the next 1 year or 2, we expect the profit level to remain low. Now as for the profit improvement businesses,

rather early on and so for the time being for the next 1 year or 2 we expect the profit level to remain low now as for the profit improvement businesses


Thanks, Hal. Moving to Slide 6. Our operations team continues to demonstrate operational excellence as our drilling efficiencies improve our returns on capital deployed.

thanks hal moving to slide 6 our operations team continues to demonstrate operational excellence as our drilling efficiencies improve our returns on capital deployment


assumes it doesn't really change in the back half? So I'm just wondering, if you're achieving that while flowing those things through, the sort of tougher contracts through, or if we need to expect those to come on later in time?

assumes it doesn't really change in the back half so i'm just -- i'm wondering if you're achieving that while flowing those things through the sort of tougher contracts through or if we need to expect those to come on later in time


The other comment in the release referred to an increase in material costs. Can you just expand on what specific costs you're seeing inflation on there and if you expect that trend to stay longer term?

the other comment in the release referred to an increase in material costs can you just expand on what specific costs you're seeing inflation on there and if you expect that trend to stay longer term


Europe remains a significant greenfield opportunity for us, and I look forward to continuing to grow our business there, with additional operators, content rights holders and content owners.

europe remains a significant greenfield opportunity for us and i look forward to continuing to grow our business there with additional operators content rights holders and content owners


negatively impact the progress that we've made from a profitability perspective. So there's definitely a bias towards revenue-generating opportunities versus science projects.

negatively impact the progress that we've made from a profitability perspective so there's definitely a bias towards revenue-generating opportunities versus science projects


when they look at our revenue per employee metric and then how that's tracking over time is the impact of currency. So if you look at our average headcount in fiscal '16, we had a little over 30,000 people.

when they look at our revenue per employee metric and how that's tracking over time is the impact of currency so if you look at our average headcount in fiscal '16 we had a little over 30 000 people


somewhere in the middle of Q4 or right at the end of Q3? Roger, we got a couple of different scenarios in our outlook. So the timing is kind of hard to pin down. But we know, by the end of year, it'll be exhausted.

somewhere in the middle of q4 or at the end of q3 roger we got a couple of different scenarios in our outlook so the timing is kind of hard to pin down but we know by the end of the year it'll be exhausted


load was impacted by a disciplined pricing approach along with freight mix. Although we were successful in winning some project freight and repositioning charges, these were not at the levels of previous years,

load was impacted by a disciplined pricing approach along with freight mix although we were successful in winning some project freight and repositioning charges these were not at the levels of previous years


We had some governance improvements. We actually added 2 new independent directors, and we were a finalist in the New York Stock Exchange Governance Award. So all in all, our governance has been improved fairly well.

we had some governance improvements we actually added 2 new independent directors and we were finalists in the new york stock exchange governance awards so all in all our governance has been improved fairly well


The strength of the group is its ability to continue to find ways to add value to shareholders and policyholders alike, and this we will continue to do well into the future.

the strength of the group is its ability to continue to find ways to add value to shareholders and policyholders alike and this we will continue to do well into the future


The increase is driven by higher revenues from acquired aircraft, partially offset by aircraft sold and lease terminations. Over the past year, we've continued to rebalance the fleet mix and upgrade the portfolio's asset and credit quality.

the increase was driven by higher revenues from acquired aircraft partially offset by aircraft sold and lease terminations over the past year we've continued to rebalance the fleet mix and upgrade the portfolio's asset and credit quality


With the work that's been done over the last year, not just Beacon but this consolidation of our operations into this global delivery group and the creation

with the work that's been done over the last year not just beacon but this consolidation of our operations into this global delivery group and the creation and


Sure. Thank you. Our domestic business is growing and an important part of our unique value proposition in China. We're the only foreign company with a wholly owned domestic and international business.

sure thank you our domestic business is growing and an important part of our unique value proposition in china we're the only foreign company with a wholly owned domestic and international business


Before getting into the details, let me remind you that we had provided Q2 guidance for both our total company results and our base business or total company excluding the impact of the AIS acquisition.

before getting into the details let me remind you that we had provided q2 guidance for both our total company results and our base business or total company excluding the impact of the ais acquisition


We have successfully expanded to other attractive growth markets as a method of diversifying our portfolio and ensuring that we can continue to develop projects such as our multiple HEB-anchored mixed-use properties.

we have successfully expanded to other attractive growth markets as a method of diversifying our portfolio and ensuring that we can continue to develop projects such as our multiple heb-anchored mixed-use properties


And let's talk first about the cash cost of pulp. Something that we have been stating quite a few times and we gave emphasis in the last quarter is that Puma

and let's talk first about the cash cost of pulp something that we have been stating quite a few times and we gave emphasis in the last quarter is that puma


Turning to Page 5. I want to provide some additional detail on the growth markets that we will continue to focus on as well as some specific products that are contributing to our current and future growth opportunities.

turning to page 5 i want to provide some additional detail on the growth markets that we will continue to focus on as well as some specific products that are contributing to our current and future growth opportunities


This higher spend was principally the result of a sustained high level of market activity in the quarter as well as higher handset prices that reflected a richer smartphone device mix and the impact

this higher spend was principally the result of a sustained high level of market activity in the quarter as well as higher handset prices that reflected a richer smartphone device mix and the impact


to 8.2%. Margins also benefited from 2 extra billing days in Europe this quarter due to the timing of the Easter holiday, which will reverse in the second quarter.

to 8 2% margins also benefited from 2 extra billing days in europe this quarter due to the timing of the easter holiday which will reverse in the second quarter


We appreciate your interest in Univar. I'll start this call with some remarks on our first quarter performance and the market, and then provide an update on our actions to drive commercial greatness and operational excellence.

we appreciate your interest in univar i'll start this call with some remarks on our first quarter performance and the market and then provide an update on our actions to drive commercial greatness and operational excellence


We've just found the best fit and best use of our cash for these smaller bolt-ons. So there are bigger things that are out there that we know about, things that we've been thinking about for a long time, and

we've just found the best fit and best use of our cash for these smaller bolt-ons so there are bigger things that are out there that we know about things that we've been thinking about for a long time and


projected to run out of money by the year 2030, we continue to believe CMS should be more aggressively leveraging the capabilities of RACs to address systemic errors.

projected a run out of money by the year 2030 we continue to believe cms should be more aggressively leveraging the capabilities of rax to address systemic errors


And then we'll still give it space but that space will then be utilized for some other programs that we are intending to introduce next summer.

and then we'll still give it space but that space will then be utilized for some other programs that we are intending to introduce in next summer


Perfect. Then talking about the CAR-Ts and I know you take a lot of pride in how you have improved the manufacturing processes

perfect then talking about the car tes and i know you take a lot of pride in how you have improved the manufacturing processes


So what are the next key steps in our strategic plan to turn around this company? And let's focus just on 3. Our first step is to hire 5 new sales reps as fast as possible.

so what are the next key steps in our strategic plan to turn around this company and let's focus just on 3 our first step is to hire 5 new sales reps as fast as possible


Turning to a few of our notable client wins in the Americas. A major entertainment company has selected ISG for organizational change management in a digitally evolving enterprise.

turning to a few of our notable client wins in the americas a major entertainment company has selected isg for organizational change management in a digitally evolving enterprise


We knew we were going to experience that as the timing between the introduction of the new vessel and new contracts that we had signed for that -- for the new vessel came together.

we knew we were going to experience that as the timing between the introduction of the new vessel and new contracts that we had signed for that -- for the new vessel came together


where prices improved following a number of high-profile breaches that occurred at the back end of 2014 and into 2015. And that drove increased demand and stronger pricing.

where prices improved following a number of high-profile breaches that occurred at the back end of 2014 and into 2015 and that drove increased demand and stronger pricing


in line as well as making sure we've got a long-term growth strategy in a business that really is attacking markets where there is clearly growth. And there aren't a lot of businesses

in line as well as making sure we've got a long-term growth strategy in a business that really is attacking markets where there is clearly growth and there aren't a lot of businesses


maybe... And that was really the point of talking about all of our digital initiatives. What's driving a lot of that submission activity is a lot of -- our ability to be more dynamic

and that was really the point of talking about all of our digital initiatives what's driving a lot of that submission activity is a lot of -- our ability to be more dynamic


And I just want to get other updates as well. And is there any new strategies or new plans that you have not yet communicated to us? I would like to hear them as well. And

and i just want to get other updates as well and is there any new strategies or new plans that you have not yet communicated to us i would like to hear them as well and


This was necessary to address the downturn in that business. We were pleased that we were able to implement the headcount reduction without layoffs. Instead we were able to offer an early retirement program that achieved our desired results.

this was necessary to address the downturn in that business we were pleased that we were able to implement the headcount reduction without layoffs instead we were able to offer an early termination program that achieved our desired results


from the industry into our group. There are a couple of roles that we're still looking to fill that are product line focused and a couple of geographic roles that we're looking to fill.

from the industry into our group there are a couple of roles that we're still looking to fill that are product line focused and a couple of geographic roles that we're looking to fill


Let's not forget that we have increased exposure in ice cream ingredients and are therefore more influenced by seasonal variations.

let's not forget that we have increased exposure in ice cream ingredients and are therefore more influenced by seasonal variations


We continue to compile results in the development of our NeoLAB liquid biopsy prostate cancer test. An early analysis supports the results of the first 2 studies.

we continue to compile results in the development of our neolab liquid biopsy prostate cancer test and early analysis supports the results of the first 2 studies


They've always figured out a way to do that, and they're already doing that as well. So I don't see the local money as being an issue at all. And then I see there will be maybe a little delay in capital projects, which will be offset

they've always figured out a way to do that and they're already doing that as well so i don't see the local monies being an issue at all but then i see the -- there'll be maybe a little delay in capital projects which will be offset


And we also hope that our decision to be taxed as a corporation will help us capitalize on this opportunity with a simpler corporate structure, a more liquid and attractive stock and the ability to retain earnings to fund our growth.

and we also hope that our decision to be taxed as a corporation will help us capitalize on this opportunity with a simpler corporate structure a more liquid and attractive stock and the ability to retain earnings to fund our growth


As in the domestic market, our international businesses focus on marketing our lifestyle, performance and kids product with traditional media, such as airing our many commercials in their local languages.

as in the domestic market our international businesses focus on marketing our lifestyle performance and kids product with traditional media such as airing on many commercials in their local languages


Also in 2018, we continue to invest in our employees, developing the pipeline of future leaders and fostering a more inclusive and encouraging innovation among our employees.

also in 2018 we continue to invest in our employees developing the pipeline of future leaders and fostering a more inclusive and encouraging innovation among our employees


Against this backdrop, global policymakers continue to press for further banking reform, with calls for even stricter capitalization of banks regardless of the impact on the real economy, especially in Europe.

against this backdrop global policymakers continue to press for further banking reform with calls for even stricter capitalization of banks regardless of the impact on the real economy especially in europe


What makes this year's net sales growth particularly meaningful is that the company was able to turn in this performance despite an extremely tough year in other segments.

what makes this year's net sales growth particularly meaningful is that the company was able to turn in this performance despite an extremely tough year in other segments


than in normal times, simply for the reason that we have a scarcity of resources not only, but before all, in Poland. And hence, we definitely do not take each and every contract which you could get from the market.

than in normal times simply for the reason that we have a scarcity of resources not only but before all in poland and hence we definitely do not take each and every contract which you could get from the market


Great. My next question was in regards to maybe if we can get a little update on the progress of the launch of the low duration preferred fund, and

great my next question was in regards to maybe if we can get a little update on the progress of the launch of the road duration preferred fund and


once we get to investment-grade. I think there's other benefits, obviously. The investment-grade market never shuts down in any kind of economic cycle, so you always have access to capital.

once we get to investment grade i think there's other benefits obviously the investment grade market never shuts down in any kind of economic cycle so you always have access to capital


And so we will see that. The fact that we are essentially sold out in Texas and Oklahoma means that the industry is tight and industry pricing is going to move up, because rigs continue to go out

and so we will see that the fact that we are essentially sold out in texas and oklahoma means that the industry is tight and industry pricing is going to move up because rigs continue to go out


Here we see the quarterly result compared to the same quarter one year earlier. You can see that the trend had been positive for some time now and we are now almost at the same revenue level as one year ago.

here we see the quarterly results compared to the same quarter 1 year earlier you can see that the trend have been positive for some time now and we are now almost at the same revenue level as 1 year ago


applaud what you're doing on that. Question on the capital return piece of this. I'm wondering if you're thinking about keeping the dividend payout ratio

applaud what you're doing on that question on the capital return piece of this i'm wondering if you're thinking about keeping the dividend payout ratio


Right. I understand. But as I look for the remaining 3 quarters, is it going to be similar to this or it's really just kind of

right i don't understand but as i look for the remaining 3 quarters is it going to be similar to this or it's really just kind of


and unprecedented levels of documentation being provided by sellers, we will start seeing more accounts qualify for the legal channel than we have in the past 18 to 24 months.

and unprecedented levels of documentation being provided by sellers we will start seeing more accounts qualify for the legal channel than we have in the past 18 to 24 months


I look forward to updating you on the progress we have made against this and all of our 2017 priorities next quarter. With that, I'll turn the call back over to Greg. Thanks, Jim.

i look forward to updating you on the progress we have made against this and all of our 2017 priorities next quarter with that i'll turn the call back over to greg thanks jim


to facilitate the increased travel needs into and out of Kerala. We provided special assistance to all passengers through free-of-charge cost -- cancellations and rerouting for affected customers

to facilitate the increased travel needs into and out of kerala we provided special assistance to our passengers through free of charge cost cancellations and rerouting for affected customers


all the different regulatory permutations that you deal with on a daily basis as a multinational company. And when you think of the strength of having one platform for your system of record for your customers, I think it's really

all the different regulatory permutations that you deal with on a daily basis as a multinational company when you think of the strength of having one platform for your system of record for your customers i think it's really


on the back end because the way we structured our program is really catered to the way our customers -- what they were focused on. So I guess it's a long-winded way of saying we're not going to give any more color on that right now other than I can tell you we will

on the back end because the way we structured our programs really catered to the way our customers what they were focused on so i guess it's a long-winded way of saying we're not going to give any more color on it right now other than i can tell you we will


Turning to Slide 8, I wanted to update you on some of our 2018 priorities as we approach the end of our fiscal year. Now that we've essentially completed our stand-up activities,

turning to slide 8 i wanted to update you on some of our 2018 priorities as we approach the end of our fiscal year now that we've essentially completed our stand-up activities


I'm very pleased with the choice of Dirk and for all the reasons that we've laid out, and I feel quite confident that he will work hand in glove with our senior leaders

i'm very pleased with the choice of dirk and for all the reasons that we've laid out and i feel quite confident that he will work hand in glove with our senior leaders


As a result of our ongoing cost reductions and capital efficiency improvements, we have been able to significantly reduce our planned capital investment program over the past several years while increasing production.

as a result of our ongoing cost reductions and capital efficiency improvements we've been able to significantly reduce our planned capital investment program over the past several years while increasing in production


And we will be looking at ways to leverage that as well for some of the OE customers who are in that area. And also the specific capabilities they have which are quite interesting and quite

and we will be looking at ways to leverage that as well for some of the oe customers who are in that area and also the specific capabilities they have which are quite interesting and quite


We continue to believe that 2016 will be an even more difficult year than 2015. We remain focused on maintaining the best safety standards, maximizing the utilization of our helicopter fleet,

we continue to believe that 2016 will be an even more difficult year than 2015 we remain focused on maintaining the best safety standards maximizing the utilization of our helicopter fleet


really leveraging our formulation capabilities and then, obviously, getting up to an environment where we can be a global supplier from a manufacturing side as well. Anything beyond that is opportunistic.

really leveraging our formulation capabilities and then obviously getting up to an environment where we can be a global supplier from the manufacturing side as well anything beyond that is opportunistic


we do expect future fee levels to be impacted over time by our product diversification strategy and by the aging of our business. Slide 6 presents our annuity sales.

we do expect future fee levels to be impacted over time by our product diversification strategy and by the aging of our business slide 6 presents our annuity sales


relative to the last couple of quarters because we had a strong top line growth, our metrics are much improved compared to where they were even in the first couple of quarters and frankly

is relative to the last couple of quarters because we had strong top line growth our metrics are much improved compared to where they were even in the first couple of quarters and frankly


that steady -- there could be a little dip going into Q2, because you always wonder about what the orders look like as you go into Q2, especially if you got some orders towards the end of the quarter in Q1, but there was a lot of focus on our sales force

that steady there could be a little dip going into q2 because you always wonder about what the orders look like as you go into q2 especially if you got some orders towards the end of the quarter in q1 but there was a lot of focus on our sales force


Once the final CMS rule on J code take effect on January 1, we will expect smoother reimbursement to begin to unfold for both Medicare and commercial payers as the market standardizes around the Medicare reimbursement J code.

once the final cms rule and j-code take effect on january 1 we will expect smoother reimbursement to begin to unfold for both medicare and commercial payers as the market standardizes around the medicare reimbursement j-code


During the launch period, we were heavily allocated on Switch product and allocated at a level below our typical next-gen market share. As a result, we lost market share during the quarter.

during the launch period we were heavily allocated on switch product and allocated at a level below our typical next-gen market share as a result we lost market share during the quarter


Meanwhile, we are working diligently to put in place a referral program, which will truly round out our offering, extending our capabilities to the high net-worth customers who typically have more complex financial needs.

meanwhile we are working diligently to put in place a referral program which will truly round out our offering extending our capabilities to the high net worth customers who typically have more complex financial needs


Before I turn over the call to Scott to go through the numbers in more detail, I want to revisit our value-creation road map and talk about some of the actions that we're currently undertaking.

before i turn over the call to scott to go through the numbers in more detail i want to revisit our value creation road map and talk about some of the actions that we're currently undertaking


the company expects to abate, such as the reductions in crude volumes due to the Canadian wildfires in Alberta. And the company has projected an improvement in volume trends in the second half of the year,

that the company expects to abate such as the reductions in crude volumes due to the canadian wildfires in alberta and the company has projected an improvement in volume trends in the second half of the year


We still continue to expect that our capital expenditures as a percentage of revenues will be in the high teens for 2018. From a liquidity standpoint,

we still continue to expect that our capital expenditures as a percentage of revenues will be in the high teens for 2018 from a liquidity standpoint


Our 6 priorities underpin the delivery of our strategy. Disciplined execution of our 6 priorities across the business is enabling the delivery of consistent results.

our 6 priorities underpin the delivery of our strategy disciplined execution of our 6 priorities across the business is enabling the delivery of consistent results


We have also now paid out dividends, and we have completed acquisition of Sanistal. So we were preparing ourselves for that. But now in the end of April, we will see a totally different cash position.

we have also now paid out dividend and we have completed acquisition of sanestol so we were preparing ourselves for that but now in the end of april we will see a totally different cash position


take money and reinvest it for the benefit of our customers and try to be disciplined on the expense side and have a better product for our customers in terms of convenience.


and I think that's, again, sort of if you look beneath it, it's got to do with the different pieces of the value chain and us extracting the value out of each part of the value chain.

and i think that's again sort of if you look beneath it it's got to do with the different pieces of the value chain and us extracting the value out of each part of the value chain


our math wouldn't work to earn a return for our shareholders. That doesn't mean that we aren't seeing lots of opportunities that we think are actionable at prices that would, in fact,

our math wouldn't work to earn a return for our shareholders that doesn't mean that we aren't seeing lots of opportunities that we think are actionable at prices that would in fact


we're excited to see our pipeline growing in the portfolio of investments we're making grow across the spectrum in terms of phase and across our therapeutic area. So I would expect we will continue to

we're excited to see our pipeline growing and the portfolio of investments we're making grow across the spectrum in terms of phase and across our therapeutic areas so i would expect we will continue to


But we're working on that. And the place that we'll start, as Jay mentioned, is to be able to go to our acute care partners and offer to serve as a collaborator on the risk sharing beginning in the second year of the program.

but we're working on that and the place that we'll start as jay mentioned is to be able to go to our acute care partners and offer to serve as a collaborator on the risk sharing beginning in the second year of the program


For a detailed discussion of the risks and uncertainties that affect the company's business and that qualifies as forward-looking statements made on this call, I refer you to our periodic and other public filings filed with the SEC.

for a detailed discussion of the risks and uncertainties that affect the company's business and that qualify as forward-looking statements made on this call i refer you to our periodic and other public filings filed with the sec


And we certainly expect to earn double-digit returns in that capital. But as far as the swings in refinance activity or mortgage rates goes, we actually expect that to have a less meaningful impact

and we certainly expect to earn double-digit returns in that capital but as far as these swings in refinance activity or mortgage rates goes we actually expect that to have a less meaningful impact


while capitalizing on the size and scale of our resources. During the quarter, we began a national advertising campaign, which is driving brand awareness

while capitalizing on the size and scale of our resources during the quarter we began a national advertising campaign which is driving brand awareness


We continue to execute on our long-term strategic growth plan, and I am pleased with our progress to date as well as with the numerous growth opportunities in both our Pharmacy and Healthcare businesses.

we continue to execute on our long-term strategic growth plan and i am pleased with our progress to date as well as with the numerous growth opportunities in both our pharmacy and health care businesses


I just wanted to explain how we've reported our results for 2018. We have updated our operating segments to reflect the new structure of management reporting following the Lagan acquisition.

i just wanted to explain how we've reported our results for 2018 we have updated our operating segments to reflect the new structure of management reporting following the lagan acquisition


I first met ServiceNow while I was at eBay as a happy and satisfied customer. And the more I explored this opportunity, the more I fell in love with this company.

i first met servicenow while i was at ebay as a happy and satisfied customer and the more i explored this opportunity the more i fell in love with this company


is still going to be there, that we're the ones that they're going to deal with. Our reputation in this space for developing and constructing in a responsible manner is also important to many of our customers. And our energy management skills, which I talked about and we'll talk about

it's still going to be there that we're the ones that they're going to deal with our reputation in this space for developing and constructing in a responsible manner is also important to many of our customers and our energy management skills which i've talked about and we'll talk about


at 11% for the year, but we're going to go through in more detail of what we did specifically in the second semester to really accelerate our investments towards our strategy. So for the year, we finished

at 11% for the year but we're going to go through in more detail of what we did specifically in the second semester to really accelerate our investments towards our strategy so for the year we finished


Moving on to our biologics division. We have made significant progress advancing a number of key programs and have a series of upcoming milestones with our improved long-acting proteins and peptides in development.

moving on to our biologics division we have made significant progress advancing a number of key programs and have a series of upcoming milestones with our improved long-acting proteins and peptides in development


where we have some delays in delivery of first quarter goods that showed up late in the middle of March, if you will, to allow us to be able to sell through that product. Obviously, we didn't have

where we had some delays in delivery of first quarter goods that showed up late in the middle of march if you will to allow us to be able to sell through that product obviously we didn't have


There is the global market trading bookshop, which has the counterparty piece to it. And then it's everything else in the test, including assumption for balance sheet growth and so forth. And on those areas,

there is the global market trading book shock which has the counterparty piece to it and then it's everything else in the test including assumptions for balance sheet growth and so forth and on those areas


for the humanized dinutuximab. I have to say that the only drug we have or product that we have that I have not been able to keep the amount of inventory that I would like because

for the humanized dinutuxumab i have to say that the only drug we have or product that we have that i have not been able to keep the amount of inventory that i would like because


We are pleased to be here with you marking the close of our first quarter for the combined First Financial Bancorp. Today I will provide an update on our successful integration and then turn the call over to Archie and Jamie for comments on our second quarter results.

we are pleased to be here with you mark and to close our first quarter for the combined first financial bancorp today i will provide an update on our successful integration and then turn the call over to archie and jamie for comments on our second quarter results


Turning to our capital allocation strategy on Slide 7. As Mike will touch on, we expect a good cash flow performance this year and will evaluate the best ways to deploy that capital.

turning to our capital allocation strategy on slide 7 as mike will touch on we expect a good cash flow performance this year and we'll evaluate the best ways to deploy that capital


There's kind of a punch list along those lines. The technology spend may be a little bit more complicated to think about the future, but we have ramped up our training.

there's kind of a punch list along those lines the technology spend may be a little bit more complicated to think about the future but we have ramped up our training


Our Fabrication Services business continues to deliver reliable underpinning work and really set the pace with an increase in new awards of more than 70% versus the year-ago quarter.

our fabrication services business continues to deliver reliable underpinning work and really set the pace with an increase in new awards of more than 70% versus the year-ago quarter


in general, should adjust or even ignore that mental model, or even use a new metric to assess intrinsic value if the expectation for low interest rates is expected to persist?

in general should adjust or even ignore that mental model or even use a new metric to assess intrinsic value if the expectation for low interest rates is expected to persist


I would say they are, okay? I have called on numerous enterprise accounts around the world. When we have the opportunity to spend time with

i would say they are okay i have called on numerous enterprise accounts around the world when we have the opportunity to spend time with


how many years are you looking at for depreciation? So if you could provide that as indicators, I do believe that internally, of course this is something that you will have some insight in. So that would be helpful.

how many years are you looking at for depreciation so if you could provide that as indicators i do believe that internally of course this is something that you will have some insight on so that would be helpful


and our track record to ignite growth in emerging markets that I just demonstrated, and we have a good position in Japan, we have to acknowledge that China has not been a success story for us until now.

and our track record to ignite growth in emerging markets as i just demonstrated and we have a good position in japan we have to acknowledge that china has not been a success story for us until now


Forward-looking statements are based on information currently available to management and on estimates and assumptions made based on factors that management believes are appropriate and reasonable in the circumstances.

forward-looking statements are based on information currently available to management and on estimates and assumptions made based on factors that management believes are appropriate and reasonable in the circumstances


Then a question on pricing. You stressed that it will be challenging going forward as well and partially also due to the restructuring and cost saving programs of your customers.

then a question on pricing you stressed that it will be challenging going forward as well and partially also due to the restructuring and cost saving programs of your customers


it's 3 weeks way. Presentations and discussions at the meeting are likely to tilt the whole direction of dyslipidemia management worldwide for many years to come.

it's 3 weeks away presentations and discussions at the meeting are likely to tilt the whole direction of dyslipidemia management worldwide for many years to come


Particularly, what we have found in the middle of the system is that you're seeing supply optionality is becoming a focus point for a lot of those folks. And so the utilities are looking at a connection with REX,

particularly what we have found in the middle of the system is that you're seeing supply optionality is becoming a focus point for a lot of those folks and so the utilities are looking at a connection with rex


the continued strong performance of our other base business assets and the disciplined management of our operating and maintenance cost.

the continued strong performance of our other base business assets and the disciplined management of our operating and maintenance costs


To do this most efficiently and in order to accommodate as many business models as possible, the market needs to redefine the currency so that comparable metrics are available across television and digital video,

to do this most efficiently and in order to accommodate as many business models as possible the market needs to redefine the currency so that comparable metrics are available across television and digital video


but it will expand productivity, which will enhance their margins. And then the second thing we're doing is literally adding to the fleet. And whether it is old drill rigs

but it will span productivity which will enhance their margins yes and then the second thing we're doing is literally adding to the fleet and whether it is old drill rigs


enhancing their distribution and asset gathering, giving them research and information benefits to add value to their information, their investment process. And we frankly have to feel that they make us better,

enhancing their distribution and asset gathering giving them research and information benefits to add value to their information their investment process and we frankly have to feel that they make us better


but we think that the feedback that we're getting from customers is that INOMAX offering is something that offers a lot of value to them in this particularly fragile patient population.

but we think that the feedback that we're getting from customers is the inamx offering is something that offers a lot of value to them in this particularly fragile patient population


structure, obviously, to do that. We've also chosen to reinforce the specialization of our platforms, and we are also developing our

structure obviously to do that we've also chosen to reinforce the specialization of our platforms and we are also developing our


where we see today is that there is a lot of appetite from all the innovations we have positioned in the vertical growth markets.

where we see today is that there is a lot of appetite of -- from all the innovations we have positioned in the vertical growth markets


maybe towards the end of this year and into '18. We don't expect that will have a major impact on differentials. And the reason we believe that is that there is significant real capacity

maybe towards the end of this year and into '18 we don't expect that will have a major impact on differentials and the reason we believe that is that there is significant rail capacity


and most of the money center banks or the brokerage houses are obviously at a much higher level. So I think that mix of those 3 things tends to work very well for us.

and most of the money center -- money center banks or the brokerage houses are obviously at a much higher level so i think that mix of those 3 things tends to work very well for us


I do not disagree with those and that is the one of the principal investment themes here for us. It's a lot of work, don't get me wrong. And

i do not disagree with those and that is the -- one of the principal investment themes here for us it's a lot of work don't get me wrong and


We standard the -- we started the process to enhance our technical breadth and commercial talent, particularly in our Packaging and Aerospace segments as we paved the way for longer-term growth.

we started the process to enhance our technical breadth and commercial talent particularly in our packaging and aerospace segments as we pave the way for longer-term growth


One thing we've learned over the past year is that there are still a significant number of patients diagnosed with cystinuria susceptible to stone formation, and we want to ensure we do our part to educate the treating physicians.

one thing we have learned over the past year is that there are still a significant number of patients diagnosed with cystinuria susceptible to stone formation and we want to ensure we do our part to educate the treating physicians


Please turn to Slide 12. We continue to improve our leading market position in Puerto Rico, which puts us in a strong position to take advantage of future opportunities

please turn to slide 12 we continue to improve our leading market position in puerto rico which puts us in a strong position to take advantage of future opportunities


And the customers have done a very good job in the foundry space managing a supply statement commensurate with where they see demand coming from. As you know,

and the customers have done a very good job in the foundry space managing a supply statement commensurate with where they see demand coming from as you know


Right. But in your prepared remarks, I think you cited retail price increases and the benefit of self-manufacturing that there's actually a slight negative impact from currency. So I'm just wondering that

right but in your prepared remarks i think you cited retail price increases and the benefit of self-manufacturing and that there's actually a slight negative impact from currency so i'm just wondering that


We're looking forward to our Investor Day tomorrow, where we will share with you some of our key growth strategies that we believe will continue to create shareholder value. But for now let's get right into our third quarter results.

we're looking forward to our investor day tomorrow where we will share with you some of our key growth strategies that we believe will continue to create shareholder value but for now let's get right into our third quarter results


We continue to talk. We hope to bring those to conclusion over the next 90 days, but we have not been able to conclude any as yet.

we continue to talk we hope to bring those to conclusion over the next 90 days but we have not been able to conclude any of the


towards the second half of the year, particularly due to the extreme weather we have suffered across the country in the first quarter.

toward the second half of the year particularly due to the extreme weather we have suffered across the country in the first quarter


In fact, even in the latter part of third quarter, we experienced notable improvements in productivity as new technicians became more efficient and work at a couple of the new larger client-based outsourced labs commenced.

in fact even in the latter part of the third quarter we experienced notable improvements in productivity as new technicians became more efficient and work at a couple of the new larger client-based outsourced labs commenced


In addition, to strengthen our brands, we will engage in aggressive product marketing and further increase the share of wellness products in total company sales.

in addition to strengthen our brands we will engage in aggressive product marketing and further increase the share of wellness products in total company sales


depending on the final regulations related to interest deductibility. However, given the loss carry-forwards we have available to us, we anticipate little impact on our cash tax payments in the near term.

depending on the final regulations related to interest deductibility however given the loss carryforwards we have available to us we anticipate little impact on our cash tax payments in the near term


Of course, some of these opportunities will be matured and drilled, others will not. Look, that's the fluid nature of exploration and managing a prudent portfolio.

of course some of these opportunities will be matured and drilled others will not look that's the fluid nature of exploration and managing a prudent portfolio


And I think it's fair to say that if we see opportunities to do that, we will put a priority over that relative to driving operating margin expansion.

and i think it's fair to say that if we see opportunities to do that we will put a priority over that relative to driving operating margin expansion


Trends are also improving in the water and environment markets. We have been selected for several large design-build water projects over the past few months, demonstrating our ability to provide integrated services for our clients.

trends are also improving in the water and environment markets we have been selected for several large design-build water projects over the past few months demonstrating our ability to provide integrated services for our clients


of which obviously we would have lots of thoughts and point of view and be a big contributor to that overall process. So it's hard to be specific, but we do think this diversity of the models will help us

of which obviously we would have lots of thoughts and point of view and be a big contributor to that overall process so it's hard to be specific but we do think this diversity of the models will help us


Yes, certainly. And so there's 3 different discussions we're having right now, and we're going to be starting up a few more discussions with banks as well because we're seeing a lot of interest.

yes certainly and so there's 3 different discussions we're having right now and we're going to be starting up a few more discussions with banks as well because we're seeing a lot of interest


and one of the strengths of our platform is to be able to not only have an amazing personalized marketing and commerce experience with your consumers but do so in a trusted way that can handle

and one of the strengths of our platform is to be able to not only have an amazing personalized marketing and commerce experience with your consumers but do so in a trusted way they can handle


What I'd like to focus on now is the deep dive into the drivers of the 3% improvement in organic net sales growth versus last year, with all of our regions delivering improvement.

what i'd like to focus on now is a deep dive into the drivers of the 3% improvement in organic net sales growth versus last year with all of our regions delivering improvement


The remaining challenge for us is to extract this information into a searchable format that can be utilized to transform the business processes, reviews and the prosecution and litigation processes that currently run on text data.

the remaining challenge for us is to extract this information into a searchable format that can be utilized to transform the business processes reviews and the prosecution and litigation processes that currently run on text data


I've had the pleasure of working with Stacy since I joined the company. He will be missed and we wish him well in his future endeavors. I will now turn the call over to Tex.

i have had the pleasure of working with stacy since i joined the company he will be missed and we wish him well in his future endeavors i will now turn the call over to tex


So we have outstanding people all over the world. We also attach importance to nurturing young people. Many post-80s people have become our global partners. And

so we have outstanding people all over the world we also attach importance to nurturing young people many post-ats people have become our global partners and


I mean, we have quite a few tests that are in the developmental pipeline. All of these tests are in different stages of the development process.

we have quite a few tests that are in the developmental pipeline all of these tests are in different stages of the development process


Well, I mean, generally speaking, rates remain under pressure and they certainly remain a challenge for us. Q1 is probably the toughest quarter for us. But like I said, we're focused on it and we've already made some progress.

well i mean generally speaking rates remain under pressure and they certainly remain a challenge for us q1 is probably the toughest quarter for us but like i said we're focused on it and we've already made some progress


and market share performance as the year progressed. We actively monitor the payback of these investments, and we will continue to proactively adjust our spending based on actual returns.

and market share performance as the year progressed we actively monitor the payback of these investments and will continue to proactively adjust our spending based on actual returns


And I think, Rob, if we saw more momentum in the markets and things were a little less volatile, I think we'd have more confidence in being a little more forward leaning with that, but that's part of what we're thinking here.

and i think rob if we saw more momentum in the markets and things were a little less volatile i think we'd have more confidence in being a little more forward-leaning with that but that's part of what we're thinking here


But we are seeing continued growth in both for us. I do understand your question, and we'll wait and see about what happens with the total marketplace. I don't have

but we are seeing continued growth in both for us i do understand your question and we'll wait and see about what happens with the total marketplace i don't have


These clinicians support the view that these data are clinically meaningful and highly encouraging and that 9855 has the potential to be a transformational treatment for this debilitating condition

these clinicians support the view that these data are clinically meaningful and highly encouraging and that 9855 has the potential to be a transformational treatment for this debilitating condition


except as required under applicable law. During this call, references will be made to non-GAAP financial measures as supplemental measures to review and assess operating performance.

except as required under applicable law during this call references will be made to non-gaap financial measures as supplemental measures to review and assess operating performance


I think generally for many shipping segments, you also have some new regulations relating to ballast water treatment systems that requires additional investments for older vessels. And also

i think generally for many shipping segments you also have some new regulations relating to ballast water treatment systems that requires additional investment for all the vessels and also


adverse morbidity trends. Is this informing you that your baseline morbidity assumptions are too aggressive? Is that something you're going to have to revisit or you still feel comfortable with those?

adverse morbidity trends is this informing you that your baseline morbidity assumptions are too aggressive is that something you're going to have to revisit or are you still feel comfortable with those


During this call, we will be making forward-looking statements. These statements are based on current expectations and assumptions that are subject to various risks and uncertainties. Actual results could materially differ because of factors discussed in today's earnings release,

during this call we will be making forward-looking statements these statements are based on current expectations and assumptions that are subject to various risks and uncertainties actual results could materially differ because of factors discussed in today's earnings release


Our relentless focus on these priorities contributed to tremendous success in the second quarter, and we expect continued progress and success in the quarters ahead.

our relentless focus on these priorities contributed to tremendous success in the second quarter and we expect continued progress and success in the quarters ahead


has led us to estimate the impact to HealthSouth as a reimbursement reduction of 3% to 4%. This updated estimate may be found on Slide 20 of the supplemental materials.

has led us to estimate the impact to healthsouth as a reimbursement reduction of 3% to 4% this updated estimate may be found on slide 20 of the supplemental materials


Green Hills will indeed capture all of that and more. But into the future, it's important that we remain very proactive in taking real estate and actually rejigging it in a very agile way.

green hills will indeed capture all of that and more but into the future it's important that we remain very proactive in taking real estate and actually re-digging it in a very agile way


we will get on this asset? And if you don't want to be quantitative, can you at least be qualitative about your confidence level that there's going to be a return on that investment that will be satisfactory in the end

we will get on this asset and if you don't want to be quantitative can you at least be qualitative about your confidence level that there's going to be a return on that investment that will be satisfactory in the end


what you would see in fiscal '16 is that our revenue per employee actually grew 1.5%. So I think when you look at this metric and you look at how it's been trending over time, we've been proving revenue per employee

what you would see in fiscal '16 is that our revenue per employee actually grew 1 5% so i think when you look at this metric and you look at how it's been trending over time we've been improving revenue per employee


We believe inflation is beginning to ebb and we are confident in our ability to address the growing pains in our operating performance, which contribute to increasing margins on a sequential basis for the rest of the year.

we believe inflation is beginning to ebb and we are confident in our ability to address the growing pains in our operating performance which contribute to increasing margins on a sequential basis for the rest of the year


together with the launch of China, will help us to continue the momentum in that market. But near-term, we do remain cautious, given the economy. But there's no question as we look at the long-term

together with the launch of china will help us to continue the momentum in that market but near term we do remain cautious given the economy but there's no question as we look at the long-term


The fact that we were able to close so many deals in Q2, I think, is a credit to the platform, but probably more a function of coincidence and timing. Some of those could have just as easily

the fact that we were able to close so many deals in q2 i think is a credit to the platform but probably more a function of coincidence and timing some of those could have just as easily


So in summary, we certainly experienced a quarter with mixed results but firmly believe that the transformation that's taken place over the last several years better positions the company to address the impact of shifting business cycles.

so in summary we certainly experienced a quarter with mixed results but firmly believe that the transformation that's taken place over the last several years better positions the company to address the impact of shifting business cycles


are now available in my catalog. So when I was talking about the catalog and the power of the catalog, so we're putting our MFT or B2B flows, that's where we meet our customers. That's what they're looking to us, security,

are now available in my catalog so when i was talking about the catalog and the power of the catalog so we're putting our mft or b2b flows that's where we meet our customers that's what they're looking to us security


And I'm sure I speak for everybody when I say we have enjoyed working with you, James. And you've played with a straight bat. You've always been very helpful with us over the years, and we've enjoyed your quiet and dry sense of humor.

and i'm sure i speak for everybody when i say we've enjoyed working with you james you've played with a straight bat you've always been very helpful with us over the years and we've enjoyed your quiet and dry sense of humor


the data in more depth, particularly related to their questions to assess the potential risks associated with future development of the D5 program. So it has taken us a little bit longer.

the data in more depth particularly related to their questions to assess the potential risks associated with future development of the defi program so it has taken us a little bit longer


of people, technology, manufacturing and marketing and sales in order to diversify our revenue streams into more profitable businesses and reduce our reliance on the cyclical oil and gas industry.

of people technology manufacturing and marketing and sales in order to diversify our revenue streams into more profitable businesses and reduce our reliance on the cyclical oil and gas industry


As I mentioned on previous calls, our strategy has been to target specific verticals and accounts in addition to providing our overall customer base with multimodal solutions.

as i mentioned on previous calls our strategy has been to target specific verticals and accounts in addition to providing our overall customer base with multimodal solutions


We have made progress in our transportation sector, addressing upgrades to communication networks and some mass transit organizations. And additionally, we have gained market share in the oil and gas sector.

we have made progress in our transportation sector addressing upgrades to communication networks in some mass transit organizations and additionally we have gained market share in the oil and gas sector


We're already at lease on a handful of the spaces, so it was someone, again, that was on our watch list, so we had been marketing a number of these spaces. Expect some of them to start coming online this year

we're already at least on a handful of the spaces so it was someone again that was on our watch list so we had been marketing a number of these spaces expect some of them to start coming online this year


At the same time, we are maintaining better discipline over cost and have begun the process of facilities consolidation to improve manufacturing capacity utilization.

at the same time we are maintaining better discipline over cost and have begun the process of facilities consolidation to improve manufacturing capacity utilization


We're committed to innovative solutions, and we are currently exploring and implementing technology to generate greater execution efficiencies to enhance benchmarking and risk management processes

we're committed to innovative solutions and we are currently exploring and implementing technology to generate greater execution efficiencies to enhance benchmarking and risk management processes


This new metric is specific to the Employer Services segment, and we hope that as you also use the materials from our Investor Day, that will help you with your models.

this new metric is specific to the employer services segment and we hope that as you also use the materials from our investor day that will help you with your models


We will work to ensure that the completion of our South African asset sales and the optimization of the remaining Surface and support businesses to ensure that they match our remaining production days.

we will work to ensure that the completion of our south african asset sales and the optimization of the remaining surface and support businesses to ensure that they match our remaining production base


a couple of larger transactions in that pipeline, although nothing larger than what we've historically done. But relative to some other transactions, there are some larger transactions. What I will tell you is

a couple of larger transactions in that pipeline although nothing larger than what we've historically done but relative to some other transactions there are some larger transactions what i will tell you is


The primary factor in the revenue decline was a tough quarter-to-quarter comparison in our Defense Systems segment together with a modest reduction in sales in rocket propulsion systems.

the primary factor in the revenue decline was a tough quarter-to-quarter comparison in our defense systems segment together with a modest reduction in sales in rocket propulsion systems


We do anticipate our fiscal '19 tax rate to increase to a range of 16% to 18% based upon the effective dates of certain provisions of the new legislation.

we do anticipate our fiscal '19 tax rate to increase to a range of 16% to 18% based upon the effective dates of certain provisions of the new legislation


Initial market turbulence has since been replaced by a degree of market confidence in the power of British pragmatism to make the best of unexpected events. Europe, however, remains challenged.

initial market turbulence has since been replaced by a degree of market confidence in the power of british pragmatism to make the best of unexpected events europe however remains challenged


they get kicked out of the playoffs early. Do they -- do you still see revenue from them over the next couple of quarters as you try to attract season ticket holders and keep everybody happy sort of in this customer base?

they get kicked out of the playoffs early do they -- do you still see revenue from them over the next couple of quarters as he tries to attract season ticket holders and keep everybody happy sort of in his customer base


We note that our credit metrics remain strong and we maintain our standing leverage targets, but do not look to remain within that range at all times or at the expense of missing strong value-creating deals.

we note that our credit metrics remain strong and we maintain our standing leverage targets but do not look to remain within that range at all times or at the expense of missing strong value-creating deals


isn't possible? And if it's not, why can't you sign some long-term agreement that keeps you in that position if they need your help to get started? And then finally, if I can sneak another one in. Marcus, I just note,

isn't possible and if it's not why can't you sign some long-term agreement that keeps you in that position if they need your help to get started and then finally if i can sneak another one in marcus i just note


so that we could communicate to the users and have them experience that PayPay can be used in various types of outlets. So it's probably going to start at drugstores in June.

so that we could communicate to the users and have them experience that paypay can be used in various types of outlets so it's probably going to start at drugstores in june


I'm not sure. You might get a different answer from each of us. I think it's going to be based on the way we execute in the restaurant, delivering a great customer experience because that includes making sure the restaurant's clean,

i'm not sure you might get a different answer from each of us i think it's going to be based on the way we execute in the restaurants delivering a great customer experience because that includes making sure the restaurants clean


So keeping that in mind, if you start the study in the first quarter, is it realistic to think that we could have an interim read around midyear? Or would that be too aggressive an assumption?

so keeping that in mind if you start the study in the first quarter is it realistic to think that we could have an interim read around midyear or would that be too aggressive of an assumption


developing product around brands, where we have market positions in communities and categories where we can build a long-term point of differentiation and some continuous engagement.

developing product around brands where we have market positions in communities and categories where we can build a long-term point of differentiation and some continuous engagement


We've been laser-focused on improving our quality and expanding variety through unique seasonal offerings, regular restaurant rotations, limited time offers and exciting celebrity chef partnerships.

we've been laser-focused on improving our quality and expanding variety through unique seasonal offerings regular restaurant rotations limited time offers and exciting celebrity chef partnerships


Comparing our year-over-year performance is no longer meaningful given our growth, changes in product mix and acquisition activity. So I will focus most of this discussion on sequential comparisons.

comparing our year-over-year performance is no longer meaningful given our growth changes in product mix and acquisition activity so i will focus most of this discussion on sequential comparisons


While the vast majority of our growth is organic, we do have a strong track record of acquisitions. Over the last 5 years, we've added to our real estate platform, primarily through the acquisition of AREA Property Partners,

while the vast majority of our growth is organic we do have a strong track record of acquisitions over the last 5 years we've added to our real estate platform primarily through the acquisition of area property partners


to the most important and largest future demographic groups, millennial parents and their families, a very real compelling position for the long term.

to the most important and largest future demographic groups millennial parents and their families a very real compelling position for the long term


There are many cities in China with a population of 4 million to 5 million. And for national players, it's a long way to go. It requires time.

there are many cities in china with a population of 4 million to 5 million and for national players it's a long way to go it requires time


Concerning the redundancy plan, we had the in July, some departures have already occurred, but the majority of departures will happen by November and December.

concerning the redundancy plan we had the agreement in july some departures have already occurred but the majority of departures will happen by november and december


So it's -- this is a case where the initiative is to make sure that the execution stays right on the track that we're on, that the quality of the result is maintained

so it's -- this is a case where the initiative is to make sure that the execution stays right on the track that we're on that the quality of the result is maintained


and Chief Financial Officer. We have prepared a slide presentation to accompany today's webcast, and that presentation as well as other materials are posted online

and chief financial officer we have prepared a slide presentation to accompany today's webcast and that presentation as well as other materials are posted online


in the first quarter of 2016. Somar revenues were impacted by lower demand for certain products in Mexico and the unfavorable impact of foreign exchange.

in the first quarter of 2016 solmar revenues were impacted by lower demand for certain products in mexico and the unfavorable impact of foreign exchange


and be able to do a better job of account management, which has been kind of a recurring theme fairly publicly over the last 5 years in terms of things we need to get done. But I would say, it's really access,

and be able to do a better job of account management which has been kind of a recurring theme fairly publicly over the last 5 years in terms of things we need to get done but i would say it's really access


Second, we've increased our focus on high-quality acceleration of our operated development options. Multidiscipline project teams have been established for all material operated development options.

second we've increased our focus on high-quality acceleration of our operated development options multidiscipline project teams have been established for all material operated development options


Including improvements of intangible assets, we look forward to building the strong foundation for the future over the 3 years starting from the current fiscal year.

including improvements of intangible aspects we look forward to building this strong foundation for the future over the 3 years starting from the current fiscal year


And just in general, we think our boat's going to float higher this year. So we're comfortable just maintaining as we are, and there's no stress on the dividend for us

and just in general we think our boat's going to float higher this year so we're comfortable just maintaining as we are and there's no stress on the dividend for us


a decent chunk of AUM there. We do make some positive EBITDA contribution as we do in almost all of our resource businesses now. But it's certainly not taken off the way we thought it would.

a decent chunk of aum there we do make some positive ebitda contribution as we do in almost all of our resource businesses now but it's certainly not taken off the way we thought it would


This compares to only 10% in 2013 and is a testament to our ability to expand strong businesses into new markets and geographies. Let's move to our energy and industrial construction business.

this compares to only 10% in 2013 and is a testament to our ability to expand strong businesses into new markets and geographies let's move to our energy and industrial construction business


We are pleased to have more than doubled our goal for the fourth quarter of 2017 in terms of accounts that ordered product. And we continue to be very pleased with the rate at which we are adding accounts.

we are pleased to have more than doubled our goal for the fourth quarter of 2017 in terms of accounts that ordered product and we continue to be very pleased with the rate at which we are adding accounts


our offer remains competitive and we're continuing to win our fair share of new issues coming to the market. Consistent with last quarter, total revenues in our Corporate Trust business were up mid-single digits.

our offer remains competitive and we're continuing to win our fair share of new issues coming to the market consistent with last quarter total revenues in our corporate trust business were up mid-single digits


It was also impacted by operations at our Ebensburg coal refuse power plant that normally generates a small profit, but in the first quarter posted a modest loss.

it was also impacted by an -- by operations at our evansburg coal refuse power plant that normally generates a small profit but in the first quarter posted a modest loss


In addition, plans were unveiled for a 4-acre resort to be located within the Westside development called Montecillo. A Marriott brand hotel and resort would be located near a top golf facility that is already under construction nearby.

in addition plans were unveiled for a 4-acre resort to be located within a west side development called montesillo a marriott brand hotel and resort would be located near a top golf facility that is already under construction nearby


Despite these challenges, we believe we are poised to continue to perform well, precisely because we have been making the investments and taking the actions to adapt and thrive in the current dynamic environment.

despite these challenges we believe we are poised to continue to perform well precisely because we have been making the investments and taking the actions to adapt and thrive in the current dynamic environment


And so it's not surprising that more and more people are talking about talent management, that more and more companies are trying to enter into talent management, that are talking about learning and development as

and so it's not surprising that more and more people are talking about talent management that more and more companies are trying to enter into talent management that are talking about learning and development as


Our Ship from Store capability enhancements, along with Buy Online, Pick Up In Store enhancements have improved the customer experience and leveraged the power of our store portfolio.

our ship from store capability enhancements along with buy online pick up in store enhancements have improved the customer experience and leveraged the power of our store portfolio


correlating with the lower dose of the uricase enzyme. But control is still solidly below 0.6 mgs per deciliter. One patient shown third here reached the trial stopping rules.

correlating with the lower dose of the urease enzyme but control is still solidly below 6 ng per deciliter one patient shown third here reached the trial stopping rules


The third quarter was underscored by our continued commitment to profitability as reflected by the 14% increase in adjusted EBITDA, despite having only modest revenue growth.

the third quarter was underscored by our continued commitment to profitability as reflected by the 14% increase in adjusted ebitda despite having only modest revenue growth


In fact, during the quarter, we booked significant levels of new business and expanded our customer base with much of our new business concentrated on a higher value added molded products.

in fact during the quarter we booked significant levels of new business and expanded our customer base with much of our new business concentrated on our higher value-added molded products


In both Industrial and France, we are strengthening customer relationships, enhancing the customer experience and broadening our services offerings in support of our core product lines.

in both industrial and france we are strengthening customer relationships enhancing the customer experience and broadening our services offerings in support of our core product lines


In our Wealth Management businesses, we continue to see assets under management expand as we focus on wealth transfer within our Trust Business and build out expertise in areas such as business continuity planning.

in our wealth management businesses we continue to see assets under management expand as we focus on wealth transfer within our trust business and build out expertise in areas such as business continuity planning


Our results were issued this morning in a press release that can be found on our website, ingredion.com. The slides accompanying this presentation can also be found on the website and were posted a few hours ago for your convenience.

our results were issued this morning in a press release that can be found on our website ingredion com the slides accompanying this presentation can also be found on the website and were posted a few hours ago for your convenience


So don't worry about voting rights. Voting rights may be a problem for other companies, but voting rights are not a problem for Sulzer, because this has been taken care of in the transaction that we signed with Renova over last week,

so don't worry about voting rights voting rights may be a problem for other companies but voting rights are not a problem for sulzer because this has been taken care of in the transaction that we signed with renova over last weekend


This morning, we announced another 25% proration in our premium DRIP program with the April 2017 dividend payment such that eligible shareholders who have elected to participate in the

this morning we announced another 25% proration in our premium drip program with the april 2017 dividend payment such that eligible shareholders who have elected to participate in the


These statements are subject to a variety of uncertainties, risks, and other factors related to the company's operations and business environment, including those listed in our earnings press release

these statements are subject to a variety of uncertainties risks and other factors related to the company's operations and business environment including those listed in our earnings press release


perhaps some competitors who are experiencing the same dynamics but perhaps having a bit more of a dramatic impact on their operations than you anticipate on yours?


While catastrophe losses were also elevated in the first quarter of 2016, we are comfortable with our long-term pricing expectations and do not anticipate fundamentally changing our pricing or underwriting actions due to these storms.

while catastrophe losses were also elevated in the first quarter of 2016 we are comfortable with our long-term pricing expectations and do not anticipate fundamentally changing our pricing or underwriting actions due to these storms


This was a higher sales volume than we had initially expected and was attributable to the timing of vessels during the quarter. Average sales realizations for our Japanese export logs declined moderately.

this was a higher sales volume than we had initially expected and was attributable to the timing of vessels during the quarter average sales realizations for our japanese export logs declined moderately


that we both manage and balance the impacts that this has on our business in the short-term, while at the same time continuing to build a more agile, competitive, and digital Nedbank for the longer term.

that we both manage and balance the impacts that this has on our business in the short term while at the same time continuing to build a more agile competitive and digital nedbank for the longer term


Is there more on the horizon? I think yes. I think we can see -- we're cautiously optimistic about what our team has in the pipeline in terms of further advancements of

is there more on the horizon i think yes i think we can see -- we're cautiously optimistic about what our team has in the pipeline in terms of further advancements of


Continuing to build our loyalty program helps us improve our per customer profitability and positively impacts key areas of our business such as pre-owned and collectibles.

continuing to build our loyalty program helps us improve our per customer profitability and positively impacts key areas of our business such as pre-owned and collectibles


But then we've been pretty open on these calls about the fact that on the payments business, we were losing customers. They were leaving Jack Henry, and they were paying a deconversion fee sometimes to leave us because they weren't happy with the platform. And of course, that has

but then we've been pretty open on these calls about the fact that in the payments business we were losing customers they were leaving jack henry and they were paying a deconversion fee sometimes to leave us because they weren't happy with the platform and of course that has


Okay. So you don't feel like you need to -- because you came at the low end of the range for September, you don't feel like you need to increase your discount rate, or maybe you already have in this December guide? That's why the range is smaller.

okay so you don't feel like you need to -- because you came at the low end of the range for september you don't feel like you need to increase your discount rate or maybe you already have in this december guide that's why the range is smaller


In the fourth quarter, we began drilling 2 wells in our prolific Ruston field in North Louisiana. In addition, we began drilling our Northwest STACK position in an attempt to delineate the play.

in the fourth quarter we began drilling 2 wells in our prolific ruston field in north louisiana in addition we began drilling our northwest stack position in an attempt to delineate the play


here we do expect that in the next few quarters net new money that was already visible in private banking will be visible also in affluent banking because

here we do expect that the next few quarters net new money that was already visible in private banking will be visible also in affluent banking because


The decrease from our previous guidance reflects the timing of sales as well as the impacts of the special charges discussed earlier. Lastly, turning to our fiscal 2018 outlook.

the decrease from our previous guidance reflects the timing of sales as well as the impacts of the special charges discussed earlier lastly turning to our fiscal 2018 outlook


As such, ExxonMobil will contribute its expertise in project execution and operations to support the project's success in a globally competitive LNG market.

as such exxonmobil contribute its expertise in project execution and operations to support the project success in a globally competitive lng market


our cost structure, while certainly last year at this time when we did get it, we made it all up. What we're starting to see now is that as we ramped our volumes back up, we're really not starting to see a big growth in stocks

our cost structure while certainly last year at this time when we did it we made it all up what we're starting to see now is that as we've ramped our volumes back up we're really not starting to see a big growth in stocks


This new proposition is based on our consumer proposition, and provides business features, such as dedicated customer service and a promise to be back online within 12 hours.

this new proposition is based on our consumer proposition and provides business features such as a dedicated customer service and a promise to the back -- to be back online within 12 hours


and also our increased exposure to the strong Sydney and Melbourne markets. We enter the second half with a record number of contracts on hand. Importantly, over 70% of those are unconditional

and also our increased exposure to the strong sydney and melbourne markets we enter the second half with a record number of contracts on hand importantly over 70% of those are unconditional


I know it's still early days, but any kind of quantification of what type of out-performance you're seeing? And then, can you give us a sense for what kind of cost differences are between kind of the base case and the reduced spacing on those?

i know it's still early days but any kind of quantification of what type of outperformance you're seeing and then can you give us a sense for what kind of cost differences are between kind of the base case and the reduced spacing on those


We had many success stories during the quarter. One bright spot was the performance of our acute wound reconstruction business. The channel investments we made over the last 9 months increased the capacity of our reps

we had many success stories during the quarter one bright spot was the performance of our acute wound reconstruction business the channel investments we made over the last 9 months increased the capacity of our reps


Okay. Maybe we could just talk a bit about the dividend. And talk a bit about how -- what payout ratio that you're comfortable with.

okay and maybe we can just talk a bit about the dividend sure and talk a bit about how -- what payout ratio that you're comfortable with


In summary, it's good to see the positive impact of improved margins and reduced expense structure to our bottom line. Crops were off to a good start, but we will need to watch moisture conditions throughout the growing season.

in summary it's good to see the positive impact of improved margins and reduced expense structure to our bottom line crops are off to a good start but we will need to watch moisture conditions throughout the growing season


In addition, we are retrofitting all of our trucks with cameras and have implemented a coaching program to correct at-risk behaviors based on the events captured with this technology. We're extremely excited with the results.

in addition we are retrofitting all of our trucks with cameras and have implemented a coaching program to correct at-risk behaviors based on the events captured with this technology we're extremely excited with the results


Additional information that we look to gain at this stage is the understanding of how our drug works in humans. This information will include the pharmacokinetics of COM701 in humans,

additional information that we look to gain at this stage is the understanding of how our drug works in humans this information will include the pharmacokinetics of comm-701 in humans


Looking into 2018, we see that the contract that we talked about earlier in China, related to some market share gains, will not have any material impact going forward.

looking into 2018 we see that the contract that we talked about earlier in china related to some market share gains will not have any material impact going forward


But the encouraging part is we're seeing stability in product road maps, and we're delivering products more on time now than before.

but the encouraging part is we're seeing stability in product roadmaps and we're delivering products more on time now than before


we went into this program based on the strong preclinical data we had observed, recognizing that there was an opportunity to potentially move this program rapidly through drug development should the data support it.

we went into this program based on the strong preclinical data we had observed recognizing that there was an opportunity to potentially move this program rapidly through drug development should the data support it


and to achieve a return on invested capital above our weighted average cost of capital in the third full year. And we expect AIS to meet both of those financial hurdles.

and to achieve a return on invested capital above our weighted average cost of capital in the third full year and we expect ais to meet both of those financial hurdles


Year-over-year, our revenue growth in the fourth quarter was driven by strong performance in net interest income and FX trading, as well as the contribution from the recently acquired Charles River Development business.

year-over-year our revenue growth in the fourth quarter was driven by strong performance in net interest income and fx trading as well as the contribution from the recently acquired charles river development business


So we know that the growth is primarily driven or strongly driven by the industry sector. So we wouldn't have been surprised to see a reduction in our order backlog as a result of that

so we know that the growth is primarily driven or strongly driven by the industry sector so we wouldn't have been surprised to see a reduction in our order backlog as a result of that


I haven't heard any issues, or Boeing has not made me aware of any issues that caused me any concern with respect to our delivery schedule or in-service dates or the operation of those airplanes.

i haven't heard any issues or boeing has not made me aware of any issues that cause me any concern with respect to our delivery schedule or in-service dates or the operation of those airplanes


the transaction growth. And we see that, both in our traffic, but we see it in the research that we're doing and the feedback that our customers are giving us, we've seen a sharp increase

the transaction growth and we see that both in our traffic but we see it in the research that we're doing and the feedback that our customers are giving us we've seen a sharp increase


Global demand for natural flavors and natural ingredients continued to remain strong. One of the reasons we continue adding to our rich palette of flavors

global demand for natural flavors and natural ingredients continue to remain strong one of the reasons we continue adding to our rich palette of flavors


This investment in expansion is a testament to our conviction in the size of the TD opportunity, our commitment to become the market leader and our belief in the promise that INGREZZA can deliver hope to many patients.

this investment in expansion is a testament to our conviction in the size of the td opportunity our commitment to become the market leader and our belief in the promise that angreza can deliver hope to many patients


As we noted on our first quarter earnings call and press release, we continue to invest additional resources for the development of longwall panels and equipment maintenance, consistent with our plan.

as we noted on our first quarter earnings call and press release we continued to invest additional resources for the development of longwall panels and equipment maintenance consistent with our plan


Those preferred units are eligible to convert on September 30. That will be, at that point in time, that is up to the holder, as far as the conversion of those go,

those preferred units are eligible to convert on september 30 that will be -- at that point in time that is up to the holder as far as the conversion of those go


the public utility commission takes the legislation and puts it into action and into their docket, we would obviously closely follow that to the extent that there were opportunities to do

the public utility commission takes the legislation and puts it into action into their docket we would obviously closely follow that to the extent that there were opportunities to do


In the passenger car market, last year, we continued strong execution on our deliverables under Audi's HyMotion fuel cell car program with leading automotive fuel cell stack technology.

in the passenger car market last year we continued strong execution on our deliverables under audi's high-motion fuel cell car program with leading automotive fuel cell stack technology


We can help these developing organizations succeed in their go-to-market strategies by filling important talent gaps, advising on transformation and change management, and accelerating their growth and development.

we can help these developing organizations succeed in their go-to-market strategies by filling important talent gaps advising on transformation and change management and accelerating their growth and development


As you've seen from our press release, we reported a strong first quarter, continuing on the positive momentum that we saw at year-end, both momentum in the market and momentum inside the firm.

as you've seen from our press release we reported a strong first quarter continuing on the positive momentum that we saw at year-end both momentum in the market and momentum inside the firm


compared to last year in our guidance and where we were aggressive and then had some real concerns the remainder of the year, I don't have those concerns this year. I think our guidance is

compared to last year in our guidance and where we were aggressive and then had some real concerns the remainder of the year i don't have those concerns this year i think our guidance is


The devaluation of major LatAm currencies in the third quarter accounted for a significant share of the FX impact you have seen in our sales line, and it was actually more pronounced than we had expected still in summer.

the devaluation of major latin currencies in the third quarter accounted for a significant share of the fx impact you have seen in our sales line and it was actually more pronounced than we had expected still in summer


It is important to note that the goodwill write-off is a noncash charge and does not impact our current financial flexibility or the ability of our asset to generate future positive cash flow.

it is important to note that the goodwill write-off is a noncash charge and does not impact our current financial flexibility or the ability of our assets to generate future positive cash flows


So that's something we're doing aside from our products. We are trying to reinforce our sales capabilities. So for commerce advertisings, we will develop them

so that's something we're doing aside from products we are trying to reinforce our sales capabilities so for commerce advertising we will develop them


Please discuss how you are going to differentiate this product? Pfizer is conducting Phase II study in Japan for an antibody product with similar mechanism.

please discuss how you are going to differentiate this product pfizer is conducting phase ii study in japan for an antibody product with similar mechanism


and many insurance companies we're seeing are reducing their levels of service. And we think it's a great opportunity to show we can maintain and improve our levels of service. It's amazing how much business you get by just being responsive.

and many insurance companies we're seeing are reducing their levels of service and we think it's a great opportunity to show we can maintain and improve our levels of service it's amazing how much business you get by just being responsive


What I mean by that is that a lot of retailers among them, our biggest retailer, are realizing that having more variety on shelf isn't necessarily something that the consumer rewards them for

what i mean by that is that a lot of retailers among them our biggest retailer are realizing that having more variety on shelf is not -- isn't necessarily something that the consumer rewards them for


We do very much looking forward to welcome you all in Bulgaria, and you will get the invitation with the possibility to register yourself

we do very much looking forward to welcome you all in bulgaria and you will get the invitation with the possibility to register yourself


look like today? And second part to that is, just given where your liquidity is today, do you expect that that program will slow, just because you've actually got quite a bit of financial capacity right now?

look like today and second part to that is just given where your liquidity is today do you expect that that program will slow just because you've actually got quite a bit of financial capacity right now


Last time we talked, I emphasized business continuity is a primary focus, and I'm pleased to be able to report once again that our fleet continues to perform well.

last time we talked i emphasized business continuity is a primary focus and i am pleased to be able to report once again that our fleet continues to perform well


Unfortunately, many of our customers do not have sufficient IT personnel internally to rapidly provide us with the necessary information, which has caused a slowdown in this process and a corresponding slowdown in new orders.

unfortunately many of our customers do not have sufficient it personnel internally to rapidly provide us with the necessary information which has caused a slowdown in this process and a corresponding slowdown in new orders


On a global basis, member average length of stay continues to be more than 9 months for members in both meetings and online plans. And this reflects improvements in the member experience

on a global basis member average length of stay continues to be more than 9 months for members in both meetings and online plans and this reflects improvements in the member experience


focusing on our highest value assets, reducing unnecessary operating spending and delivering progressive decisive data for a number of potential blockbuster products.

focusing on our highest value assets reducing unnecessary operating spending and delivering progressive decisive data for a number of potential blockbuster products


But there definitely has been more stability on pricing. I think that's one reason that the January base price increase happened and we think that increase is in place.

but there definitely has been more stability on pricing i think that's one reason that the january base price increase happened and we think that increase is in place


Please be advised that statements made during this call that include the partnership's expectations or our predictions should be considered forward-looking statements that are covered by the safe harbor provisions of the Securities Litigation Reform Act.

please be advised that statements made during this call that include the partnership's expectations or our predictions should be considered forward-looking statements that are covered by the safe harbor provisions of the securities litigation reform act